Oil nears $92 a barrel in Asia after Greek poll update

Current crude oil prices in Asia went up, reaching almost $92 per barrel during the first day of the week amid signs that Greece’s party supporting pro-austerity measures might emerge a winner. This being the case, observers note that the country might not quit the euro after all.

In Europe, benchmark WTI crude July delivery rose by $0.97, settling at $91.83 per barrel via electronic trading on the NYMEX. On Friday, the contract was up by $0.20 closing to $90.86 in N.Y.

Brent crude for July delivery rose by $0.96 to $107.79 per barrel at ICE Futures exchange in London.

Based on surveys conducted and released over the weekend, two political parties in support of a Greek bailout scheme would most likely unite under one leadership. Re-election is set on June.

Crude oil prices per barrel declined from $106 during the earliest part of May due to rising uncertainties on Greece having to quit the euro. The drop in the oil price was also triggered by recent round of deliberations between Iran and the world’s super powers.

KBC, a group of energy consultants in London observed that the apparent gap between Iran and the super powers would persist despite continuing negotiations from both ends. Major issues haven’t been threshed out either.

Analysts disclose that crude oil prices will remain within the current realm. A shift outside of this range will largely depend on the outcomes of the Greek polls and the ensuing discussions among OPEC members as well as between Iran and the superpowers.

Barclays foresee that no resolution will be reached yet in a month with regard to the Euro debt crisis and Iran’s controversial nuclear program, so the oil market won’t be seeing any definitive trend in oil prices while the foregoing issues remain up in the air.

Meanwhile, heating oil inched up by 1.53 cents and settled at $2.85 per U.S. gallon or 3.8 litters.

Gasoline futures went up by 2.39 cents reaching $2.86 a gallon.  On the other hand, natural gas dropped by a little over 7 cents to $2.56 per thousand cubic ft.